DGAP-News: Adler Modemärkte AG / Key word(s): 9-month figures
Adler Modemärkte AG: ADLER Continues Profitable Growth, Significantly
Outperforms Market
13.11.2014 / 07:31
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Press Release
from Adler Modemärkte AG
Significant Earnings Increase During First Nine Months: EBITDA +57.8%,
Above-Average Increase in Consolidated Net Profit by 173.7%
ADLER Continues Profitable Growth, Significantly Outperforms Market
Solid Basis Created for Further Expansion
Haibach (near Aschaffenburg), 13 November 2014. Adler Modemärkte AG - one
of Germany's largest textile retailers - clearly bucked the negative
industry trend during the first nine months of 2014 and continued to
experience profitable growth. During the first nine months of the year,
ADLER increased its revenue by 3.0% overall to EUR377.9 million (first nine
months of 2013: EUR367.0 million), while the industry experienced a 1.0%
decline in revenue during the same period. The consolidation over the
previous two years is now coming to fruition and has ensured a solid
foundation for this next phase of profit-oriented growth. During the period
under review, operating expenses grew at a significantly slower pace than
did revenue. ADLER reported positive earnings and profitable growth both
for Q3 and for the first nine months of the year.
In Q3 2014, revenue increased by 2.4% to EUR122.0 million (Q3 2013:
EUR119.1 million). The increase in like-for-like revenue was even greater
(+2.6%). In contrast, revenue for the German textile retail industry
declined by 4.0% in the third quarter.
"We're off to a good start. A revamped, modern image, a competitive product
range and strict cost controls have given ADLER new momentum. We will
continue along this path. Going forward, we will continue to raise the
level of profitability and customer service through new stores and our
online sales channel", said ADLER's CEO, Lothar Schäfer.
The improvement in gross profit margin (54.2%; first nine months of 2013:
53.7%) reflects the strict focus on profitable growth. Personnel expenses
increased by 2.5% to EUR70.9 million (first nine months of 2013: EUR69.2
million), and other operating expenses increased by 1.8% to EUR122.9
million (first nine months of 2013: EUR120.8 million), which was less
pronounced than the increase in revenue. Consequently, for the first nine
months of 2014, earnings before interest, taxes, depreciation and
amortisation (EBITDA) increased significantly by 57.8% to EUR18.3 million
(first nine months of 2013: EUR11.6 million). Operating earnings (EBIT)
even increased by 466.7% to EUR6.8 million (first nine months of 2013:
EUR1.2 million). During the first nine months of 2014, ADLER generated
consolidated net profit of EUR1.4 million and earnings per share of EUR0.08
(previous year: consolidated net loss of EUR-1.9 million; EPS of EUR-0.11).
In addition to the opening of two new stores, five unprofitable stores were
closed during the first nine months of the year.
In Q3 2014, ADLER's EBITDA outpaced revenue, increasing by 134.7% to EUR5.4
million (Q3 2013: EUR2.3 million). EBIT amounted to EUR1.5 million (Q3
2013: EUR-1.2 million) and consolidated net profit totalled EUR0.01 million
(Q3 2013: consolidated net loss of EUR-1.7 million).
On the basis of these solid financial figures, ADLER is well-equipped for
the coming expansion. As at 30 September 2014, the equity ratio amounted to
38.1% (31 December 2013: 40.3%). Cash and cash equivalents increased
significantly by EUR10.3 million to EUR46.7 million (30 September 2013:
EUR36.4 million), allowing the Company to seize market opportunities
rapidly and flexibly (31 December 2013: EUR54.5 million).
Financial figures (EUR million)
<pre>
First nine months
First nine months of 2013 Change
(in
of 2014 (adjusted*) %)
Revenue 377.9 367.0 3.0
EBITDA 18.3 11.6 57.8
EBITDA margin (in %) 4.8 3.2 1.6 pp
EBIT 6.8 1.2 466.7
EBIT margin (in %) 1.8 0.3 1.5 pp
Consolidated net profit/
loss 1.4 -1.9 173.7
Earnings per share 0.08 -0.11 172.7
Change
(in
30/09/2014 31/12/2013 %)
Total assets 247.0 228.4 8.1
Equity 94.0 92.0 2.2
Equity ratio (in %) 38.1 40.3 -2.2 pp
Cash and cash equivalents 46.7 54.5 -14.3
Change
(in
30/09/2014 30/09/2013 %)
Employees 4,136 4,222 -2.1
Total number of stores 168 168 0.0
</pre>
* Prior-year figures adjusted due to changes in measurement of inventory
costs to be capitalised (see notes on page 20 of the Report of the Third
Quarter of 2014)
Adler Modemärkte AG, headquartered in Haibach near Aschaffenburg, Germany,
is one of Germany's largest and most important textile retailers. In 2013,
the Group generated revenue of EUR528.6 million with a workforce of around
4,300, generating EUR42.9 million in EBITDA. ADLER currently operates 169
stores, 144 of which are located in Germany, 22 in Austria, two in
Luxembourg, one in Switzerland, plus an online shop. The Company focuses on
large-space concepts offering in excess of 1,400 m2 of retail space. With
its many own brands and select external brands, ADLER offers a highly
diverse product range. Thanks to more than 60 years of tradition and strong
customer loyalty, ADLER considers itself to be the market leader within its
target group of affluent customers aged 45 and over.
For more information: www.adlermode-unternehmen.com; www.adlermode.com
Press enquiries:
Jasmin Dentz
GFD Finanzkommunikation
Telephone: +49 (0) 69 971 247 31
Mobile: +49 (0) 151 672 042 47
E-mail: dentz@gfd-finanzkommunikation.de
Investor Relations enquiries:
Jennifer GauÃmann
Adler Modemärkte AG
IndustriestraÃe Ost 1-7
D-63808 Haibach
Telephone: +49 (0) 6021 633 12 19
Mobile: +49 (0) 152 545 509 67
E-mail: jennifer.gausmann@adler.de
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Language: English
Company: Adler Modemärkte AG
IndustriestraÃe Ost 1-7
63808 Haibach
Germany
Phone: +49 (0) 6021 633 0
Fax: +49 (0) 6021 633 1299
E-mail: info@adler.de
Internet: www.adlermode.com
ISIN: DE000A1H8MU2
WKN: A1H8MU
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover,
München, Stuttgart
End of News DGAP News-Service
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296906 13.11.2014
DGAP-News: Adler Modemärkte AG: ADLER Continues Profitable Growth, Significantly Outperforms Market
| Source: EQS Group AG